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How CBS Might Be Different Than Every Other Cable Play

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In a report issued Friday, Macquarie analysts Tim Nollen and Ankesh Agarwala
  • reiterate an Outperform rating and $55.00 price target on shares of CBS Corporation (NYSE: CBS)
  • In a context where investors do not feel especially confident on the future of cable networks, the analysts believe “CBS is different from its peer group.”
  • Shares of CBS are very slightly down on Friday trading.

According to the research note, what differentiates CBS is its nature as a “predominantly broadcast network business not historically reliant on affiliate fees, and with a direct-to-consumer OTT offering in Showtime,” which the firm believes can offset traditional bundle weakness.

The analysts also note that, since advertising is more important to CBS than to...